##### Table of Contents





SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549





FORM 10-K/A

(Amendment No. 1)





(Mark One)

|x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ------------------------------------------------------------------------------------

For the Fiscal Year ended March 31, 2016

OR



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------

For the transition period from
 to

Commission File Number: 001-07731





EMERSON RADIO
CORP.

(Exact name of registrant as specified in its charter)







|                                                               |  |                                        
|-------------------------------------------------------------- |  | ---------------------------------------
|Delaware                                                       |  | 22-3285224                             
|(State or other jurisdiction of
incorporation or organization) |  | (I.R.S. Employer
Identification Number)



|                                              |  |           
|--------------------------------------------- |  | ----------
|3 University Plaza, Suite 405,
Hackensack, NJ |  | 07601     
|(Address of principal executive offices)      |  | (Zip Code)

Registrants telephone number, including area code: (973) 428-2000

Securities registered pursuant to Section 12(b) of the Act:



|                                       |  |                                          
|-------------------------------------- |  | -----------------------------------------
|Title of each class                    |  | Name of each exchange on which
registered
|Common Stock, par value $.01 per share |  | NYSE MKT                                 

Securities registered pursuant to Section 12(g) of the Act: None





Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     ̈  YES    x  NO.

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the
Act).     ̈  YES    x  NO.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirement for the past 90 days.    x  YES     ̈  NO.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that registrant was required to submit and post such files.)    x  YES     ̈  NO

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.    x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer or a smaller reporting company. See the definitions of larger accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of
the Exchange Act. (Check one):



|                        |  |                                                  |  |                           |  |  
|----------------------- |  | ------------------------------------------------ |  | ------------------------- |  | -
|Large accelerated filer |  |  ̈                                                |  | Accelerated filer         |  |  ̈
|                        |  |                                                  | 
|Non-accelerated filer   |  |  ̈  (Do not check if a smaller reporting company) |  | Smaller reporting company |  | x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).     ̈  YES    x  NO.

Aggregate market value of the voting and non-voting common equity of the registrant held by non-affiliates of the registrant at September 30, 2015
(computed by reference to the last reported sale price of the Common Stock on the NYSE MKT on such date): $14,501,590.

Number of Common Shares
outstanding at July 29, 2016: 27,129,832

DOCUMENTS INCORPORATED BY REFERENCE:

None









---

##### Table of Contents

EXPLANATORY NOTE

Unless the context otherwise requires, the term the Company and Emerson, refers to Emerson Radio Corp. and its
subsidiaries.

This Amendment No. 1 on Form 10-K/A (the Form 10-K/A) to the Annual Report on Form 10-K (the Annual
Report) of the Company for the fiscal year ended March 31, 2016 (Fiscal 2016), filed with the Securities and Exchange Commission (the SEC) on June 29, 2016, is filed solely for the purpose of including
information that was to be incorporated by reference from the Companys definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended (the Exchange Act). The Company will not file its proxy
statement for its annual meeting of stockholders within 120 days of its fiscal year ended March 31, 2016, and is therefore amending and restating in their entirety Items 10, 11, 12, 13 and 14 of Part III of the Annual Report. In addition,
pursuant to Rule 13a-14(a) under the Exchange Act, the Company is including with this Form 10-K/A certain currently dated certifications. Except as described above, no other amendments are being made to the Annual Report. This Form 10-K/A does not
reflect events occurring after the filing of the Annual Report on June 29, 2016 or modify or update the disclosure contained in the Annual Report in any way other than as required to reflect the amendments discussed above and reflected below.



2



---

##### Table of Contents

TABLE OF CONTENTS



|                                                                                                    |  |      |    | 
|--------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|Item                                                                                                |  | Page |   
|                                                                                                    | 
|Part III                                                                                            |  |      | 4  | 
|                                                                                                    | 
|10. Directors, Executive Officers and Corporate Governance                                          |  |      | 4  | 
|                                                                                                    | 
|11. Executive Compensation                                                                          |  |      | 8  | 
|                                                                                                    | 
|12. Security Ownership of Certain Beneficial Owners and Management and Related
 Stockholder Matters |  |      | 10 | 
|                                                                                                    | 
|13. Certain Relationships and Related Transactions and Director
Independence                        |  |      | 11 | 
|                                                                                                    | 
|14. Principal Accountant Fees and Services                                                          |  |      | 12 | 
|                                                                                                    | 
|Part IV                                                                                             |  |      | 13 | 
|                                                                                                    | 
|15. Exhibits and Financial Statements                                                               |  |      | 13 | 
|                                                                                                    | 
|Signatures                                                                                          |  |      | 14 | 
|                                                                                                    | 
|Exhibit Index                                                                                       |  |      |    | 
|                                                                                                    | 
|EX-31.3                                                                                             |  |      |    | 
|                                                                                                    | 
|EX-31.4                                                                                             |  |      |    | 



3



---

##### Table of Contents

PART III

ITEM 10  DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Directors

The following table sets forth
certain information regarding the current directors of Emerson Radio Corp. (Emerson, us or the Company) as of July 29, 2016.



|               |  |     |  |               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|-------------- |  | --- |  | ------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name           |  | Age |  | DirectorSince |  | Principal Occupation or Employment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Christopher Ho |  | 65  |  | 2016          |  | Christopher Ho, a director of the Company and the Chairman of the Board since June 2016, brings his extensive knowledge of the Company and
experience in consumer electronics, international trade and corporate finance to the Board of Directors. Mr. Ho served as the Companys Chairman of the Board from July 2006 through November 2013 and he currently serves as Chairman of Lafe
Corporation Limited, a company listed on the Singapore Exchange. Mr. Ho previously was a director of The Grande Holdings Limited (Grande), a Hong Kong-based group of companies engaged principally in the licensing of trademarks and
distribution of consumer electronics products, from October 1991 to February 2016. Grande indirectly, through a wholly-owned subsidiary, beneficially owns the controlling interest in the Companys outstanding common stock. Mr. Ho graduated
from the University of Toronto in 1974. He is a Chartered Professional Accountant, Chartered Accountant and Chartered Management Accountant of Canada. He is also a Certified Public Accountant in Hong Kong and a member of the Hong Kong Institute of
Certified Public Accountants. He was a partner in an international accounting firm before joining Grande and has extensive experience in distribution, licensing, manufacturing, international trade and corporate finance.
 Based on Mr. Hos experience in consumer electronics, international trade and
corporate finance, the Board of Directors believes that he is well qualified to serve as a director of the Company.
|               |  |     | 
|Duncan Hon     |  | 55  |  | 2009          |  | Duncan Hon, a director of the Company since February 2009, has been the Companys Chief Executive Officer since August 2011 and, prior
to that, was the Companys Deputy Chief Executive Officer since November 2009. Since May 2016, Mr. Hon serves as the Chief Executive Officer and an executive director of Grande and he serves as a director and Vice Chairman of the Board of
Sansui Electric Co. Ltd., which was delisted from the Tokyo Stock Exchange in May 2012. Mr. Hon served as a director of Grande from January 2011 until March 2013, at which time he resigned as a director of Grande. In addition to his employment with
the Company, Mr. Hon is also an employee of a subsidiary of Grande which is engaged in trademark licensing. He is a member of the Hong Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants.
 Based on Mr. Hons role as Chief Executive Officer of the Company and his experience
in consumer electronics, management and accounting, the Board believes that he is well qualified to serve as a director of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                               



4



---

##### Table of Contents

|                    |  |     |  |               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|------------------- |  | --- |  | ------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Name                |  | Age |  | DirectorSince |  | Principal Occupation or Employment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Michael Binney      |  | 57  |  | 2016          |  | Mr. Binney, a director of the Company since June 2016, is a consultant providing interim and part-time CFO services, and brings
extensive public company accounting experience in addition to his knowledge of the Company to the Board of Directors. He is a Fellow Member of the Institute of Chartered Accountants in England and Wales, a Fellow Member of the Association of
Certified Public Accountants and a Fellow Member of the Hong Kong Institute of Certified Public Accountants. From 2010 to March 2016, Mr. Binney served as an Executive Director and Chief Financial Officer of the Vinarco International Group of
Companies, an upstream supplier to the oil and gas industry in the Asia-Pacific region. Mr. Binney previously served as a non-executive director of Grande from 2009 to 2010, and as an Executive Director of Grande from 2001 to 2009. He also was
a member of the Board of Directors of Lafe Corporation Limited, a company listed on the Singapore Exchange, as a non-executive director from 2009 to 2010 and as Executive Director from 2001 until 2009. Mr. Binney was a member of the Board of
Directors of Emerson Radio Corp. from 2005 to 2008. Previous to the above appointments, Mr. Binney worked for over 10 years at major international accounting firms including KPMG and PricewaterhouseCoopers.
 Based on Mr. Binney role as a consultant and his experience in management and
accounting, the Board believes that he is well qualified to serve as a director of the Company.
|                    |  |     | 
|Kareem E. Sethi (1) |  | 39  |  | 2007          |  | Kareem E. Sethi has been a director since December 2007. Mr. Sethi has served as Managing Director of Streetwise Capital Partners, Inc. since
2003. From 1999 until 2003, Mr. Sethi was Manager, Business Recovery Services for PricewaterhouseCoopers LLP. 
Based on Mr. Sethis experience in accounting, corporate finance and portfolio management, the Board believes that he is well qualified to serve as a
director of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                    |  |     | 
|Kin Yuen (1)        |  | 61  |  | 2016          |  | Mr. Yuen, a director of the Company since June 2016, brings extensive experience in corporate finance, financial planning, public
company reporting and management to the Board of Directors. Since April 2016, Mr. Yuen has served as an independent non-executive director of Lafe Corporation Limited, a company listed on the Singapore Exchange engaged in real property
development. Since 2004, Mr. Yuen has also served as an independent non-executive director of Huayi Tencent Entertainment Co. Ltd., a company listed on the Stock Exchange of Hong Kong Limited and engaged in the provision of online and offline
healthcare and wellness services. From 2009 to 2014, Mr. Yuen was the Chief Financial Officer and an Executive Director of Varitronix International Ltd., a Hong Kong-listed company and manufacturer of LCD and related products. Mr. Yuen
holds a Master of Business Administration degree from the University of Toronto, Canada. He is a Chartered Professional Accountant in Canada and he is a fellow member of the Hong Kong Institute of Certified Public Accountants, and of the Association
of Chartered Certified Accountants.  Based on Mr. Yuens experience in corporate
finance, financial planning, public company reporting and management, the Board of Directors believes that he is well qualified to serve as a director of the Company.                                                                                                                                           



|(1) | Member of the Audit Committee
|--- | -----------------------------

Board of Directors and Committees

The Companys Board presently consists of five directors. The Board has determined that two of the five current directors, Messrs. Sethi
and Yuen, meet the definition of independence as established by the NYSE MKT listing rules.

The Board presently has one standing
committee, the Audit Committee, which is a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act and Rule 10A-3 thereunder.

The Companys Audit Committee currently consists of Mr. Sethi (Chairman) and Mr. Yuen, each of whom the Board has determined
meets the definition of independence as established by the NYSE MKT listing rules and SEC rules. Mr. Sethi is currently the Chairman of the Audit Committee and the audit committee financial expert. Pursuant to
Section 803(B)(2)(c) of the NYSE MKT Company Guide (the Company Guide), as a smaller reporting company the Company is required to have an audit committee of at least two independent members, as defined by the listing standards of
the NYSE MKT.



5



---

##### Table of Contents

The Audit Committee is empowered by the Board, among other things, to: (i) serve as an
independent and objective party to monitor the Companys financial reporting process, internal control system and disclosure control system; (ii) review and appraise the audit efforts of the Companys independent accountants;
(iii) assume direct responsibility for the appointment, compensation, retention and oversight of the work of the independent accountants and for the resolution of disputes between the independent accountants and the Companys management
regarding financial reporting issues; and (iv) provide the opportunity for direct communication among the independent accountants, financial and senior management and the Board. During Fiscal 2016, the Audit Committee performed its duties under
a written charter approved by the Board and formally met four times. A copy of the Companys Audit Committee Charter is posted on the Companys website: www.emersonradio.com on the Investor Relations page.

In addition, in March 2013, the Company formed an ad hoc Special Committee consisting solely of independent directors to evaluate possible
strategic alternatives intended to enhance stockholder value. The Special Committee currently consists of Messrs. Sethi (Chairman) and Yuen.

Controlled Company

The Company does not
maintain a nominating committee or a compensation committee. So long as Grande beneficially owns more than 50% of the outstanding common stock of Emerson, Emerson is a controlled company as defined in Section 801(a) of the NYSE MKT
Company Guide. Accordingly, the Company relies on exemptions from certain corporate governance requirements to have (i) a majority of independent directors, (ii) a nominating and corporate governance committee composed entirely of
independent directors or (iii) a compensation committee composed entirely of independent directors. The full Board of Directors, among other things, (i) identifies individuals qualified to become members of the Board of Directors and
selects director nominees for election at the next Annual Meeting of Stockholders, (ii) reviews and monitors matters related to management development and succession, (iii) develops and implements executive compensation policies and pay
for performance criteria, and (iv) reviews and approves salaries, bonuses and incentive awards.

Director Qualifications

The Board believes that the Company and its stockholders are best served by having leadership personnel from the Companys principal
stockholder and individuals who have extensive experience in the Companys industry and knowledge of the Companys competitive landscape serve on its Board. The Board also believes that the backgrounds and qualifications of its directors,
considered as a group, should provide a composite mix of experience, knowledge and abilities that will allow the Board to fulfill its responsibilities. Please refer to the biographies of each of the Companys directors for a discussion of the
specific experience, qualifications, attributes or skills that led to the conclusion that each individual should serve as a director.

No
material changes have been made to the procedures by which stockholders may recommend nominees to the Board.

Codes of Ethics

The Company has adopted a Code of Ethics for Senior Financial Officers (Code of Ethics) that applies to its Chief Executive
Officer, Chief Financial Officer, Chief Accounting Officer, Controller and Treasurer. This Code of Ethics was established with the intention of focusing Senior Financial Officers on areas of ethical risk, providing guidance to help them recognize
and deal with ethical issues, providing mechanisms to report unethical conduct, fostering a culture of honesty and accountability, deterring wrongdoing and promoting fair and accurate disclosure and financial reporting.

The Company has also adopted a Code of Conduct for Officers, Directors and Employees of Emerson Radio Corp. and its Subsidiaries (Code
of Conduct). We prepared this Code of Conduct to help all officers, directors and employees understand and comply with the Companys policies and procedures. Overall, the purpose of the Companys Code of Conduct is to deter
wrongdoing and promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair, accurate, timely and understandable
disclosure in reports and documents that the Company files with, or submits to, the SEC and in other public communications made by the Company; (iii) compliance with applicable governmental laws, rules and regulations; (iv) prompt internal
reporting of code violations to an appropriate person or persons identified in the Code of Conduct; and (v) accountability for adherence to the Code of Conduct.

The Code of Ethics and the Code of Conduct are posted on the Companys website: www.emersonradio.com on the Investor Relations
page. If the Company makes any substantive amendments to, or grants any waiver (including any implicit waiver) from a provision of the Code of Ethics or the Code of Conduct, and that relates to any element of the Code of Ethics definition enumerated
in Item 406 (b) of Regulation S-K, the Company will disclose the nature of such amendment or waiver on its website or in a current report on Form 8-K.



6



---

##### Table of Contents

Executive Officers

The following table sets forth certain information regarding the executive officers of Emerson as of July 29, 2016:



|                |  |     |  |                                                      |  |                   
|--------------- |  | --- |  | ---------------------------------------------------- |  | ------------------
|Name            |  | Age |  | Position                                             |  | YearBecame Officer
|Duncan Hon      |  | 55  |  | Chief Executive Officer and Director                 |  | 2009              
|Andrew L. Davis |  | 48  |  | Executive Vice President and Chief Financial Officer |  | 2010              

Duncan Honhas served as the Companys Chief Executive Officer since August 2011 and a director of
the Company since February 2009. Until his appointment as the Companys Chief Executive Officer, Mr. Hon served as the Companys Deputy Chief Executive Officer since November 2009. See Mr. Hons biographical information
above.

Andrew L. Davishas served as the Companys Executive Vice President and Chief Financial Officer since September 2010
and served as Secretary of the Company from 2007 to 2016. Previously, from August 2007 to September 2010, Mr. Davis served as Vice President, Finance and Corporate Controller of the Company. Prior to joining the Company, Mr. Davis held
various executive and managerial positions in accounting and finance with several companies, most recently CA, Inc., and prior to that, ce Global Sourcing AG. Mr. Davis is a C.P.A., holds a B.B.A. in Accounting from Iowa State University and an
M.B.A. from the University of Connecticut.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires the Companys directors, officers, and stockholders who beneficially own more than 10% of
any class of its equity securities registered pursuant to Section 12 of the Exchange Act, to file initial reports of ownership and reports of changes in ownership with respect to the Companys equity securities with the SEC and the NYSE
MKT. All reporting persons are required to furnish the Company with copies of all reports that such reporting persons file with the SEC pursuant to Section 16(a) of the Exchange Act.

Based solely upon a review of Forms 3 and 4 and amendments to these forms furnished to the Company, and Forms 5, along with amendments
thereto, all parties subject to the reporting requirements of Section 16(a) timely filed all such required reports during and with respect to Fiscal 2016.

Involvement in Certain Legal Proceedings

On March 25, 2013, The Stock Exchange of Hong Kong Limited (HKEX) published a news release announcing the censure of Grande
and certain of its then-existing and former directors, including Messrs. Ho and Binney, by the Listing Appeals Committee of the HKEX. The censure was related to Grandes breach of certain disclosure obligations pursuant to Rule 13.09(1) of the
HKEX listing rules in 2007-2008 regarding Grandes 2007 financial performance and the directors for their breach of the directors undertaking under the HKEX listing rules to use best endeavors to procure Grandes compliance with Rule
13.09(1). The HKEX required Mr. Ho to undergo training on listing rules compliance, which training requirement was completed in June 2013. Mr. Binney was also directed to attend training on listing rules compliance as a prerequisite to any
future appointment as a director of an HKEX-listed company.



7



---

##### Table of Contents

ITEM 11  EXECUTIVE COMPENSATION AND OTHER INFORMATION

Summary Compensation Table

The following
Summary Compensation Table sets forth information concerning compensation for services rendered in all capacities to the Company and its subsidiaries for Fiscal 2016 and for the fiscal year ended March 31, 2015 (Fiscal 2015) which
was awarded to, earned by or paid to the Companys named executive officers at any time during Fiscal 2016.



|                            |  |            |      |  |           |   |         |             |  |   |                          |  |  |           |        |        |  |   |         | 
|--------------------------- |  | ---------- | ---- |  | --------- | - | ------- | ----------- |  | - | ------------------------ |  |  | --------- | ------ | ------ |  | - | ------- | 
|Name and
Principal Position |  | FiscalYear |      |  | Salary($) |   |         | Bonus($)(1) |  |   | All OtherCompensation($) |  |  | Total ($) |       
|Duncan Hon                  |  |            | 2016 |  |           | $ | 475,000 |             |  |   |                         |  |  |           |       |        |  | $ | 475,000 | 
|Chief Executive Officer     |  |            | 2015 |  |           | $ | 475,000 |             |  | $ |                         |  |  |           |       |        |  | $ | 475,000 | 
|Andrew L. Davis             |  |            | 2016 |  |           | $ | 333,506 |             |  | $ | 125,065                  |  |  | $         | 23,953 | (2)    |  | $ | 482,524 | 
|Chief Financial Officer     |  |            | 2015 |  |           | $ | 321,595 |             |  | $ | 41,688                   |  |  | $         | 21,457 | (2)(3) |  | $ | 384,740 | 



|(1) | Represents bonus paid during the fiscal year.
|--- | ---------------------------------------------

|(2) | Represents the incremental cost to the Company of all personnel benefits, including match for its 401(K) plan, provided to the Companys named executive officers. Such personnel benefits are available to all
employees of the Company in accordance with the Companys standard employment practices.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | The amount reported for Fiscal 2015 revises the amount previously disclosed in the Summary Compensation Table contained in Amendment No. 1 on Form 10-K/A, filed on July 29, 2015, to the Companys Annual
Report on Form 10-K for the fiscal year ended March 31, 2015.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Employment Agreements.

During Fiscal 2016, the Company had employment agreements with certain of its named executive officers, each of which is described below.

Duncan Hon.Duncan Hon, the Companys Chief Executive Officer, entered into an employment agreement, effective April 1, 2011,
with a wholly-owned, indirect subsidiary of the Company. Such agreement replaced his prior terminated agreements with the Company and sets forth the terms and conditions pursuant to which Mr. Hon would serve as the Companys Deputy Chief
Executive Officer and, subsequently, as Chief Executive Officer. The agreement provides for an annual base salary of 2,925,000 Hong Kong Dollars (HKD) and an annual discretionary bonus payable at any time as recommended by the Board. The
contract extends until the earlier of the retirement of Mr. Hon on the first day of the following month immediately after his 60th birthday, or the termination of the agreement by either the
Company or Mr. Hon upon the delivery from one to the other of one month prior written notice. In November 2011, the Board approved an increase to Mr. Hons base annual salary to $475,000 effective August 31, 2011.

Andrew L. Davis. Andrew L. Davis, the Companys Executive Vice President and Chief Financial Officer, entered into an employment
agreement with the Company on August 1, 2007, which provided that Mr. Davis shall serve as the Companys Vice President Finance and Corporate Controller. The employment agreement was further amended on March 5, 2015. The
agreement, as amended, provides for, among other things, (i) an increase in Mr. Daviss annual base salary from $317,625.00 to $333,506.25; (ii) a retention bonus in the aggregate amount of $166,753.00 (less applicable
withholdings and deductions), which shall be payable in three (3) installments as follows: (a) $41,688.25 (less applicable withholdings and deductions) on March 31, 2015; (b) $41,688.25 (less applicable withholdings and
deductions) on June 30, 2015; and (c) $83,376.50 (less applicable withholdings and deductions) on August 31, 2015, subject, in each case, to Mr. Daviss continued employment on the applicable payment date, Mr. Davis
having been terminated other than for cause or due to death or disability prior to the applicable payment date or Mr. Davis having resigned for good reason prior to the applicable payment date and (iii) in the event of a termination of his
employment other than for cause or due to death or disability or a resignation for good reason, continuation of his base salary, at the rate then in effect, for a period of six months, payable in accordance with the Companys customary payroll
practices and procedures, subject to a customary release agreement.

Under Mr. Daviss employment agreement, as amended, the terms below are
generally defined as follows:

cause means Mr. Daviss (i) material default or other material breach of his
obligations under the agreement, subject to notice requirements and cure periods as set forth in the agreement; (ii) willful failure to perform material duties under the agreement that are reasonably assigned to him by the Company, subject to
notice requirements and cure periods as set forth in the agreement; (iii) gross negligence or willful misconduct in the performance of his duties under the agreement, subject to notice requirements and cure periods as set forth in the
agreement; or (iv) dishonesty, insubordination, or other willful act detrimental to the Company or its good will or damaging to its relationships with its customers, investors, suppliers, or employees, including, without limitation,
(A) use of alcohol or illegal drugs such as to interfere with the performance of his obligations under the agreement , (B) conviction of or plea of guilty or no contest to a felony or any crime involving moral turpitude, dishonesty, or
theft, and (C) material failure to comply with applicable laws or governmental regulations with respect to Company operations or the performance of his duties; provided however that no act or failure to act, on the part of Mr. Davis, shall
constitute cause unless it is done, or omitted to be done, by Mr. Davis in bad faith or without Mr. Daviss reasonable belief that his action or omission was (i) in the best interest of the Company,
(ii) necessary to preserve the Companys or Mr. Daviss own reputation and/or (iii) required to comply with applicable laws, rule or regulations; and



8



---

##### Table of Contents

good reason means that Mr. Davis has complied with the appropriate notice
procedures following the occurrence of any of the following without the executives prior written consent: (i) a reduction in Mr. Daviss base salary; (ii) a material diminution in Mr. Daviss position (other than
temporarily due to illness or injury or as required by applicable law); (iii) a material breach of the Companys payment obligations to Mr. Davis; or (iv) Mr. Davis is directed by the Company to engage in conduct that he
reasonably believes is unlawful, unethical or immoral; provided, that, in each case, the Company has failed to cure such occurrence within 30 days after receipt of the appropriate notice from Mr. Davis.

Outstanding Equity Awards at Fiscal Year End

None of the Companys named executive officers held any outstanding equity awards at March 31, 2016.

Compensation of Directors

During Fiscal
2016, the Companys directors who were not employees were compensated for serving on the Board and on its various committees during the period. The Company does not compensate directors who are employees of the Company for their services as
directors.

Outside Directors are each paid an annual directors fee of $50,000. The Outside Director serving as the Chairman of the
Board receives an additional annual fee of $20,000. Each Outside Director serving on the audit committee of the Board receives an additional fee of $15,000 per annum with no additional fee for serving as chairman of the audit committee. During
Fiscal 2016, the Outside Director serving as the Chairman of the special committee received an additional fee of $20,000 per month with the exception of November 2015, December 2015 and January 2016, during which the Chairman of the special
committee received an additional fee of $12,500 per month. During Fiscal 2016, each Outside Director serving on the special committee of the Board received an additional fee of $12,500 per month. In June 2016, the fee structure for the special
committee was changed such that each Outside Director serving on the special committee of the Board receives an additional fee of $5,000 per month with no additional fee for serving as chairman of the special committee. The Company does not pay any
additional fees for attendance at meetings of the Board or the committees. Audit committee fees are paid in four equal quarterly installments per annum and special committee fees are paid in monthly installments. Audit committee and special
committee fees are pro-rated in situations where an Outside Director serves less than a full one year or periodic term.

Additionally, the
Companys directors are reimbursed their expenses for attendance at meetings.

The following table provides certain information with
respect to the compensation earned or paid to the Companys Outside Directors during Fiscal 2016.

Director Compensation



|                         |  |                             |         |  |          |   |         | 
|------------------------ |  | --------------------------- | ------- |  | -------- | - | ------- | 
|Name                     |  | FeesEarned orPaid inCash($) |         |  | Total($) |  
|John Howard Batchelor(1) |  | $                           | 70,000  |  |          | $ | 70,000  | 
|Lionel Choong(2)         |  | $                           | 146,500 |  |          | $ | 146,500 | 
|Greg Hunt(3)             |  | $                           | 127,500 |  |          | $ | 127,500 | 
|Mark Manski(4)           |  | $                           | 267,500 |  |          | $ | 267,500 | 
|Kareem E. Sethi          |  | $                           | 127,500 |  |          | $ | 127,500 | 
|Terence A. Snellings(5)  |  | $                           | 215,000 |  |          | $ | 215,000 | 



|(1) | Mr. Batchelor, who served as the Chairman of the Board, resigned from the Board effective May 29, 2016.
|--- | -------------------------------------------------------------------------------------------------------



|(2) | Mr. Choong, who served as the Vice Chairman of the Board, resigned from the Board effective June 5, 2016.
|--- | ---------------------------------------------------------------------------------------------------------



|(3) | Mr. Hunt, who served as a director and as a member of the Audit Committee, resigned from the Board effective June 2, 2016.
|--- | --------------------------------------------------------------------------------------------------------------------------



|(4) | Mr. Manski, who served as a director and as the Chairman of the Special Committee, resigned from the Board effective May 31, 2016.
|--- | ----------------------------------------------------------------------------------------------------------------------------------



|(5) | Mr. Snellings, who served as a director and as a member of the Audit Committee and the Special Committee, resigned from the Board effective June 5, 2016.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------



9



---

##### Table of Contents

ITEM 12  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
AND RELATED STOCKHOLDER MATTERS

The following table sets forth, as of July 29, 2016, the beneficial ownership of (i) each
current director; (ii) each of the Companys named executive officers; (iii) the Companys current directors and executive officers as a group; and (iv) each stockholder known by the Company to own beneficially more than 5%
of the Companys outstanding shares of common stock. Common stock beneficially owned and percentage ownership as of July 29, 2016 was based on 27,129,832 shares outstanding. Except as otherwise noted, the address of each of the following
beneficial owners is c/o Emerson Radio Corp., 3 University Plaza, suite 405, Hackensack, New Jersey 07601.



|                                                            |  |                                          |            |     |                     |  |      |  
|----------------------------------------------------------- |  | ---------------------------------------- | ---------- | --- | ------------------- |  | ---- | -
|Name and Address of Beneficial Owners                       |  | Amount and Nature ofBeneficial Ownership |            |     | Percent of Class(1) | 
|Christopher Ho                                              |  |                                          | 15,243,283 | (2) |                     |  | 56.2 | %
|Duncan Hon                                                  |  |                                          | 0          |     |                     |  | 0    | %
|Michael Binney                                              |  |                                          | 0          |     |                     |  | 0    | %
|Kareem E. Sethi                                             |  |                                          | 0          |     |                     |  | 0    | %
|Kin Yuen                                                    |  |                                          | 0          |     |                     |  | 0    | %
|Andrew L. Davis                                             |  |                                          | 0          |     |                     |  | 0    | %
|All Directors and Executive Officers as a Group (6 persons) |  |                                          | 15,243,283 |     |                     |  | 56.2 | %
|S&T International Distribution Limited                      |  |                                          | 15,243,283 | (2) |                     |  | 56.2 | %



|(1) | Based on 27,129,832 shares of common stock outstanding as of July 29, 2016. Except as otherwise indicated and based upon the Companys review of information as filed with the SEC, the Company believes that the
beneficial owners of the securities listed have sole or shared investment and voting power with respect to such shares, subject to community property laws where applicable.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Based on information supplied by S&T International Distribution Limited (S&T), these shares are owned directly by S&T, which is a wholly owned subsidiary of Grande N.A.K.S. Ltd.
(N.A.K.S.), which is a wholly owned subsidiary of Grande. Sino Bright Enterprises Co., Ltd. (Sino Bright), Grosvenor Fair Limited (Grosvenor), Barrican Investments Corporation (Barrican), McVitie
Capital Limited (McVitie) and The Ho Family Trust Limited (THFTL) directly hold approximately 73.64%, in the aggregate, of Grande. McVitie, a wholly owned subsidiary of Barrican, holds approximately 1.275% of Grande. Barrican
is a wholly owned subsidiary of Airwave Capital Limited (Airwave). Sino Bright, Grosvenor and Airwave are wholly owned subsidiaries of THFTL. THFTL is a wholly owned subsidiary of the Ho Family Trust. Accolade (PTC) Inc.
(Accolade) is the trustee of the Ho Family Trust. N.A.K.S., Grande, Sino Bright, Grosvenor, Barrican, McVitie, THFTL, the Ho Family Trust and Accolade are indirect beneficial owners of the shares owned by S&T. Accolade disclaims any
pecuniary interest in the shares owned by S&T. The address of Grande and its affiliates is 11th Floor, The Grande Building, 398 Kwun Tong Road, Kowloon, Hong Kong. Mr. Ho is a discretionary beneficiary of the Ho Family Trust, Chief
Executive Officer of THFTL and the Chairman of the Board of Emerson and may be deemed to share beneficial ownership of the shares owned by S&T. Mr. Ho disclaims beneficial ownership of the shares owned by S&T, except to the extent of
any pecuniary interest he may have therein.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Equity Compensation Plan Information

The Company did not have any equity compensation plans in existence as of March 31, 2016.



10



---

##### Table of Contents

ITEM 13  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND
DIRECTOR INDEPENDENCE

From time to time, Emerson engages in business transactions with its controlling shareholder, The Grande
Holdings Limited (Grande), and one or more of Grandes direct and indirect subsidiaries. Set forth below is a summary of such transactions.

Controlling Shareholder

S&T International Distribution Limited (S&T), which is a wholly owned subsidiary of Grande N.A.K.S. Ltd., which is a
wholly owned subsidiary of Grande, collectively have the shared power to vote and direct the disposition of 15,243,283 shares, or approximately 56.2%, of the Companys outstanding common stock. Accordingly, the Company is a controlled
company as defined in Section 801(a) of the NYSE MKT Company Guide.

Related Party Transactions

Dividend-Related Issues with S&T

On March 2, 2010, the Board declared an extraordinary dividend of $1.10 per common share which was paid on March 24, 2010. In
connection with the Companys determination as to the taxability of the dividend, the Board relied upon information and research provided to it by the Companys tax advisors and, in reliance on the stock-for-debt exception in
the Internal Revenue Code Sections 108(e)(8) and (e)(10), concluded that 4.9% of such dividend paid was taxable to the recipients.

In
August 2012, the Company received a Form 886-A from the IRS which challenges the Companys conclusions and determined that the Company did not qualify for the above-referenced exception. Accordingly, the IRS concluded that 100% of the dividend
paid was taxable to the recipients. The Company defended its position and calculations and contested the position asserted by the IRS. The Company prepared and, on October 25, 2012, delivered its rebuttal to the IRS contesting the IRS
determination. There can be no assurance that the Company will be successful in defending its position (for a discussion of whether the relevant period of assessment has expired, see below).

In the event that the Company is not successful in establishing with the IRS that the Companys calculations were correct, then the
shareholders who received the dividend likely will be subject to and liable for an assessment of additional taxes due. Moreover, the Company may be contingently liable for taxes due by certain of its shareholders resulting from the dividend paid by
the Company.

Initially, the Company withheld from the dividend paid to foreign shareholders an amount equal to the tax liability
associated with such dividend. On April 7, 2010, upon a request made to the Company by its foreign controlling shareholder, S&T, the Company entered into an agreement with S&T (the Agreement), whereby the Company returned to
S&T on April 7, 2010 that portion of the funds withheld for taxes from the dividend paid on March 24, 2010 to S&T, which the Company believed was not subject to U.S. tax based on the Companys good-faith estimate of its
accumulated earnings and profits at that time. The Agreement includes provisions pursuant to which S&T agreed to indemnify the Company for any liability imposed on it as a result of the Companys agreement not to withhold such funds for
S&Ts possible tax liability and a pledge of stock as collateral. The Company continues to assert that such dividend is largely not subject to U.S. tax based on the Companys good-faith estimate of its accumulated earnings and profits.
In addition, the Company also continues to assert that this transaction results in an off-balance sheet arrangement and a possible contingent tax liability of the Company, which, if recognized, would be offset by the calling by the Company on
S&T of the indemnification provisions of the Agreement.

In February 2011, upon the request of S&T to the Company, the Company and
S&T agreed that the collateral pledged as a part of the Agreement would no longer be required and such collateral was returned by the Company to S&T in March 2011 and the Agreement was amended and restated to remove the collateral
requirement but retain the indemnification provisions. The Agreement, as amended (the Amended Agreement), remains in effect as of today.

In September 2014, the Company, with S&Ts consent, withheld $0.5 million in cash, to be pledged as collateral against the Amended
Agreement, from the dividend paid to S&T on September 30, 2014 along with such dividend paid on that date to all common stockholders. The Company held, as of March 31, 2016, $0.5 million in cash collateral from S&T against the
Amended Agreement. In the event that (i) the Company is not successful in establishing with the IRS that the Companys calculations were correct and (ii) S&T is unable or unwilling to pay the additional taxes due or indemnify the
Company under the terms of the Amended Agreement, the Company may be liable to pay such additional taxes, which, together with penalties and interest, are currently estimated by the Company to be approximately $5.0 million as of March 31, 2016
(the Potential Tax Exposure Related to the March



11



---

##### Table of Contents

2010 Dividend), $0.5 million of which was collateralized in cash held by the Company as of March 31, 2016 as described above and which was classified by the Company as restricted cash
on its balance sheet. Any such liability, should it be required to be recognized by the Company, would likely have a material adverse effect on the Companys results of operations in the period recognized.

As of March 31, 2016, the Company believes that it is more likely than not that the assessment period for the Company for tax under
section 1461 of the Internal Revenue Code in connection with the withholding tax requirements pertaining to the March 2, 2010 dividend has expired, such that if the IRS were to attempt to assess tax, the assessment would be time-barred. Thusly,
as of March 31, 2016, the Company believes that it is more likely than not that it will not be liable for the Potential Tax Exposure Related to the March 2010 Dividend.

In April 2016, the Company, upon a request made by S&T, considered and agreed that the collateral pledged as a part of the Agreement would
no longer be required and that such collateral would be returned by the Company to S&T, net of the $79,000 in expenses incurred by the Company in defending the IRS challenge with respect to the March 2, 2010 dividend. Thusly, on
April 29, 2016, the Company paid $421,000 to S&T to effectuate the release of the collateral net of the aforementioned expenses incurred by the Company.

Indemnification of Officers and Directors

The Company enters into indemnification agreements with each of its directors and officers. These agreements require the Company to indemnify
these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason of their service to the Company, and to advance expenses incurred as a result of any proceeding against them as to which they could be
indemnified. The Company also intends to enter into indemnification agreements with its future directors and officers.

Review and Approval of
Transactions with Related Parties

It is the policy of the Company that any proposed transaction between the Company and related
parties, as defined by the Financial Accounting Standard Boards Accounting Standards Codification Topic 850 (ASC 850) (RPT Transactions), with no minimum dollar amount threshold, must be presented to all, and approved by a majority
of, those directors of the Company who are independent within the meaning of NYSE MKT Company Guide § 803(A)(2), as may be amended from time to time. In reviewing and approving proposed transactions between the Company and related parties, the
independent directors are to determine whether the proposed transaction is entirely fair to the Company and in the Companys best interest. For purposes of the policy, related parties are as defined within ASC 850, generally, but not limited,
meaning (i) an officer or director of the Company or the member of the immediate family of any of them or (ii) any other corporation, partnership, association, limited liability company, limited liability partnership, trust or other entity
or organization in which one or more of the Companys officers or directors are (a) directors, officers, trustees or other fiduciaries or (b) have a financial interest.

Director Independence

The Companys
Board presently consists of five directors  Messrs. Ho, Hon, Binney, Sethi and Yuen. The Board has determined that two of the five current directors, Messrs. Sethi and Yuen, meet the definition of independence as established by the NYSE MKT
listing standards and applicable SEC rules.

The Companys Audit Committee currently consists of Messrs. Sethi (Chairman) and Yuen.

ITEM 14  PRINCIPAL ACCOUNTANT FEES AND SERVICES

In accordance with the requirements of the Sarbanes-Oxley Act of 2002 and the Audit Committees charter, all audit and audit-related work
and all non-audit work performed by the Companys independent accountants, MSPC Certified Public Accountants and Advisors, A Professional Corporation (MSPC), is approved in advance by the Audit Committee, including the proposed fees
for such work. The Audit Committee is informed of each service actually rendered. All fees described below were approved by the Audit Committee for the fiscal years ended March 31, 2016 and 2015, respectively.



| |  |  | Audit Fees.Audit fees billed to the Company by MSPC for the audit of the financial statements included in the Companys Annual Reports on Form 10-K, and reviews by MSPC of the financial statements included
in the Companys Quarterly Reports on Form 10-Q, for the fiscal years ended March 31, 2016 and 2015 totaled approximately $157,500 and $175,000, respectively.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Audit-Related Fees. The Company was billed approximately $45,000 and $55,000 by MSPC for the fiscal years
ended March 31, 2016 and 2015, respectively, for audit procedures which it performed in connection with an audit of the Companys majority shareholders consolidated financial statement for its fiscal years ended December 31,
2015 and 2014.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



12



---

##### Table of Contents

| |  |  | Tax Fees.The Company was not billed by MSPC for tax services for the fiscal years ended March 31, 2016 or 2015, respectively.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------



| |  |  | All Other Fees.The Company was not billed by MSPC for the fiscal years ended March 31, 2016 and 2015, respectively, for any permitted non-audit services.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------

PART IV.

ITEM 15  Exhibits, Financial Statement Schedules

(a)(3) Exhibits. The following exhibits are filed with this Amendment
No. 1 on Form 10-K/A to the Annual Report.



|              |  |                                                                                                                                                                  
|------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
|ExhibitNumber |  |                                                                                                                                                                  
|              | 
|31.3          |  | Certification of the Companys Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
|              | 
|31.4          |  | Certification of the Companys Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*



|* | filed herewith
|- | --------------



13



---

##### Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused
this Amendment No. 1 on Form 10-K/A to the Registrants Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.



EMERSON RADIO CORP.By:

/s/ Duncan HonDuncan HonChief Executive OfficerPrincipal Executive Officer


Dated: July 29, 2016



14